OPEC

Source: Reuters

OPEC, Russia meet to extend record oil cuts, push for compliance

Energyworld


OPEC+ sources have said Saudi Arabia and Russia had agreed to extend record cuts throughout July although Riyadh would prefer to see cut extended throughout August

MOSCOW/DUBAI/LONDON: OPEC and its allies led by Russia meet on Saturday to approve …

June 6, 2020 - 6:48 am Crude Oil News, Energy News, International, OPEC
Source: Reuters

Mexico can’t make additional oil output cuts, says president

Reuters


MEXICO CITY – Mexico is not in a position to make additional oil output cuts beyond those agreed at the April meeting of the OPEC+ group of oil-producing countries, President Andres Manuel Lopez Obrador said on Friday.

OPEC+ agreed …

Source: CNBC

Oil jumps 5% as traders await OPEC+ meeting on extending supply cuts

CNBC


Oil prices rose on Friday after OPEC decided to move up discussions on whether to extend record production cuts to Saturday, indicating that some laggard countries may have agreed to align themselves with the deal.

Brent crude futures were …

Source: Reuters

OPEC+ to meet Saturday on extending cuts, pushing for compliance

Reuters


MOSCOW/DUBAI – OPEC and its allies led by Russia will meet on Saturday to discuss extending record oil production cuts and to push laggards such as Iraq and Nigeria to comply with existing curbs.

The producers known as OPEC+ …

Source: Reuters

OPEC+ may meet over oil cuts this week if laggards agree to comply: sources

Reuters


DUBAI/MOSCOW/LONDON – OPEC+ oil producers could still hold a ministerial video conference this week if Iraq and others which have not fully complied with existing supply cuts agree to boost their adherence, three OPEC+ sources told Reuters on Thursday.…

June 4, 2020 - 9:30 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Trump administration putting trust in global oil producers ahead of OPEC+ meet

Reuters


WASHINGTON – The Trump administration believes ahead of an expected OPEC+ meeting this week that major oil producers such as Saudi Arabia and Russia will honor their pledges to cut crude production and will not damage the global economy …

Source: Reuters

OPEC+ keen to keep U.S. shale in check as oil prices rally

Reuters


LONDON – When OPEC, Russia and their allies agreed in April to slash oil production, little did they expect that their initiative to prop up collapsing prices would be helped by a swift drop in U.S. output.

Now that …

Source: Reuters

Oil falls from $40 on doubts over early OPEC meeting

Reuters


LONDON – Oil fell after touching its highest since March at more than $40 a barrel on Wednesday, pressured by doubts that an early meeting of OPEC and its allies to extend existing output cuts will take place.

Saudi …

Source: Reuters

Oil prices rise ahead of OPEC+ meeting on output cuts

Reuters


LONDON  – Oil prices rose on Tuesday to near three-month highs on expectations that major producers would agree to extend output cuts that have shored up prices, during a video conference likely to be held this week.

Benchmark Brent …

OPEC supply cut compliance at 74% in May

OPEC supply cut compliance at 74% in May

Oil & Gas


While Saudi Arabia and other Gulf countries made additional cuts to their production, some nations lagged behind on their commitments

Oil output from members of the Organisaation of Petroleum Exporting Countries (OPEC) hit the lowest amount in …

June 1, 2020 - 1:22 pm Crude Oil News, Crude Oil Storage, International, OPEC
Source: Reuters

Exclusive: China snaps up Russia’s expensive Urals oil in thirst for sour barrels

Reuters


MOSCOW  – China’s refiners have purchased a quarter of Russia’s Urals oil exports planned for June in the Baltic despite record high premiums for the grade due to a lack of sour barrels as result of the OPEC+ output …

Source: Reuters

OPEC, Russia discuss extending oil cuts for 1-2 months: sources

Reuters


DUBAI/MOSCOW – OPEC and Russia are moving closer to a compromise on extending current oil output cuts and are discussing a proposal to roll over supply curbs for one to two months, three OPEC+ sources told Reuters on Monday.…

Source: Reuters

Oil falls as U.S.-China tension escalates

Reuters


LONDON  – Oil fell on Monday on worries about renewed tensions between the United States and China, although reports that OPEC and Russia were closer to a deal on extending oil output cuts lent some support to prices.

Benchmark …

The Incoming Glut: Excessive Levels of Heavy Crude Supply in a Saturated Market

The Incoming Glut: Excessive Levels of Heavy Crude Supply in a Saturated Market

RarePetro


Oil & Gas 360 Publishers Note:  Kevin Olson has assembled great data points about the influx of fifty million barrels of foreign crude oil to the United States, and may offset most of the production cuts. Pushing out any

The Incoming Glut: Excessive Levels of Heavy Crude Supply in a Saturated Market

The Incoming Glut: Excessive Levels of Heavy Crude Supply in a Saturated Market

RarePetro

Oil & Gas 360 Publishers Note:  Kevin Olson has assembled great data points about the influx of fifty million barrels of foreign crude oil to the United States, and may offset most of the production cuts. Pushing out any

May 29, 2020 - 11:25 am Capital Markets, Crude Oil Storage, OPEC
Source: Reuters

OPEC delivers three quarters of record oil cut in May: survey

Reuters


LONDON – OPEC oil output hit the lowest in two decades in May as Saudi Arabia and other members started to deliver a record supply cut, a Reuters survey found, although Nigeria and Iraq are laggards in making their …

Source: Reuters

OPEC, Russia bargain over oil cuts ahead of June meeting

Reuters


LONDON/MOSCOW/DUBAI – Saudi Arabia and some other OPEC oil producers are considering extending record high output cuts until the end of 2020 but have yet to win support from Russia, according to OPEC+ and Russian industry sources.

The Organization …

Oil prices steady, awaiting confirmation of surprise U.S. inventory build

Oil prices steady, awaiting confirmation of surprise U.S. inventory build

Reuters


LONDON – Oil futures steadied on Thursday as the market awaited confirmation of industry data that showed a surprise increase in U.S. crude stocks, which offset hopes for a demand recovery as coronavirus lockdowns ease.

After tumbling on Wednesday, …

Source: CNBC

Oil falls on U.S.-China tensions over Hong Kong

CNBC


Oil prices fell on Wednesday after U.S. President Donald Trump said he was working on a strong response to China’s proposed security law in Hong Kong.

A potential deterioration in relations between the world’s two biggest economies could ratchet …

May 27, 2020 - 11:00 am China, Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

OPEC+ must plan exit strategy: Kemp

Reuters


LONDON – Saudi Arabia and its allies in the expanded OPEC+ group of oil-exporting nations have only just started to implement output cuts, so it might seem premature to start talking about the need for an exit strategy.

But …

Source: Reuters

Angola’s oil exploration evaporates as COVID-19 overshadows historic reforms

Reuters


LONDON/LAGOS  – The coronavirus pandemic has done in a handful of months what even a 27-year civil war did not: it has brought oil drilling to a halt in Angola, Africa’s second-largest oil producer.

The consequences could be grave …

Source: CNBC

Oil at highest since March on lower U.S. inventories, recovering demand

CNBC


Oil prices rose on Thursday to their highest since March, supported by lower U.S. crude inventories, OPEC-led supply cuts and recovering demand as governments ease restrictions on people’s movements imposed due to the coronavirus crisis.

Crude prices have slumped …

Source: Reuters

Column: Successful OPEC+ output deal fits a pattern – Kemp

Reuters


LONDON – Saudi Arabia and its allies in the expanded OPEC+ group of oil-exporting nations have successfully engineered a prospective deficit in the oil market, boosting spot prices and calendar spreads over the last four weeks.

Front-month Brent futures …

Source: Reuters

Oil steady on signs of output cuts but demand concerns weigh

Reuters


LONDON – Oil prices were steady on Tuesday amid signs that producers are cutting output as promised while traders awaited more clarity on the demand picture as some countries ease out of lockdowns.

Benchmark Brent crude was up 4 …

May 19, 2020 - 9:00 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Barclays raises oil price outlook as falling output offsets demand hit

Reuters


Barclays Commodities Research on Friday raised its oil price forecasts for this year and 2021, buoyed by supply cuts to balance the demand erosion caused by conrovirus-led restrictions.

In recent days, several OPEC nations including Saudi Arabia said they …

Source: CNBC

Oil market is re-balancing, but path to ‘next normal’ not a straight line, says energy CEO

CNBC


Oil markets are re-balancing after a collapse in demand following the coronavirus outbreak but the pathway to “the next normal” is still very uncertain, the CEO of Abu Dhabi’s National Oil Company (ADNOC) said Thursday.

“There are good signs

EIA raises crude oil price outlook slightly as announced supply cuts lead to high inventory draws in 2021

EIA raises crude oil price outlook slightly as announced supply cuts lead to high inventory draws in 2021

EIA


In its May Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) expects Brent crude oil prices will average $34 per barrel (b) in 2020 and $48/b in 2021. Although market outlooks are subject to many risks, the …

Source: Reuters

Saudi Arabia, Russia committed to oil market stability: statement

Reuters


DUBAI – Saudi Arabia and Russia are firmly committed to achieving oil market stability and expediting a rebalancing of the market, the energy ministers of the two countries said in a joint statement on Wednesday.

Saudi energy minister Prince …

Source: Reuters

Oil holds near $30, caught between demand loss and supply cuts

Reuters


LONDON – Oil prices edged higher on Wednesday, reversing earlier losses, and Brent held near $30 a barrel as potential OPEC+ plans to deepen supply cuts were tempered by demand concerns exacerbated by a possible second wave of coronavirus …

Source: Reuters

Column: Oil traders see market starting road to recovery: Kemp

Reuters


LONDON – Crude oil traders expect the market to be closer to balance in the next few months as production cuts are implemented and the global transport system emerges from a coronavirus lockdown.

Futures prices and swaps linked to …